Glencore, Mercuria Energy Group, and Trafigura Group will be the first to purchase copper from the GECAMINES, the DR Congo’s State-owned mining company. Bloomberg announced this on September 10, 2024. Details about the volume or delivery schedule of the copper purchased by the three companies are not yet available.
The GECAMINES gets copper from the Tenke Fungurume mine, where it holds a 20% stake. Under an agreement signed in July 2023 with the Chinese group CMOC, the State company has the right to acquire copper and cobalt production proportional to its stake in the mine.
Tenke Fungurume has an annual production capacity of 450,000 tonnes of copper and 37,000 tonnes of cobalt. If the mine operates at full capacity this year, Gécamines could sell about 90,000 tonnes of copper and 7,400 tonnes of cobalt.
The DRC is the world's leading producer of cobalt, and the second-largest producer of copper. However, most mines are controlled by foreign companies, and the government seeks to maximize mining's contribution to the economy.
The GECAMINES strives to change this dynamic and become a key player in the global copper and cobalt market. One of its strategies of to do so consists in directly negotiating a portion of the production from certain Congolese mines.
ET
